Kiln, an international insurance and reinsurance underwriting group and a member of Tokio Marine Group, has bought a 49% stake in WNC Holdings, a provider of specialty insurance products and services to US-based financial institutions and their customers.
The remaining 51% majority share will be retained by WNC Management and will retain its existing brand and management structure and continue to lead its strategy.
WNC reported a net written premium in excess of $100m in 2010.
Kiln group said move will enable the group to pursue its growth strategy of developing its distribution network and broadening its product portfolio while also serving to extend Tokio Marine’s global footprint.
As a managing general agent, underwriter and program administrator, WNC provides lender placed flood, wind, hazard, and auto insurance as well as blanket policies for portfolios of second mortgages, home equity and condominium loans to lending and loan servicing companies in the US.
WNC is also an administrator of private flood insurance programs in the US, writing primary, excess and commercial flood insurance coverages on residential and business properties nationwide.
Kiln chief executive Charles Franks said through this investment, which is supported by Tokio Marine, Kiln will continue to capitalize on WNC’s high quality underwriting capabilities, strong management team, established brand and its proven track record of generating profits.